The Formatting on the Pivot table will not carry over the Pivot chart. But you can format the Pivot chart as you asked.
1. Double-Click on the axis that you need to format.
2. Set the formatting parameters in the format tabs.
3. Click Ok.
http://peltiertech.com/WordPress/using-pivot-table-data-for-a-chart-with-a-dual-category-axis/
http://www.contextures.com/xlfaqPivot.html
http://www.dummies.com/how-to/content/creating-and-formatting-a-pivot-chart-in-excel-200.html